Question
In: Accounting
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1:
| Units | Unit Cost | ||
| Inventory, December 31, 2014 | 1,930 | $7 | |
| For the year 2015: | |||
| Purchase, March 21 | 6,180 | 6 | |
| Purchase, August 1 | 4,070 | 4 | |
| Inventory, December 31, 2015 | 2,800 | ||
| Required: |
|
Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.) |
|
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Units
Unit Cost
Inventory, December 31, prior
year
2,000
$
5
For the current year:
Purchase, March 21
6,000
4
Purchase, August 1
4,000
2
Inventory, December 31, current
year
3,000
Required:
Compute ending inventory and cost of goods sold for the current
year under FIFO, LIFO, and average...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Units
Unit Cost
Inventory, December 31, prior
year
2,000
$
5
For the current year:
Purchase, March 21
6,000
4
Purchase, August 1
4,000
2
Inventory, December 31, current
year
3,000
FIFO
LIFO
AVERAGE
COST
ENDING INVENTORY
COSTS OF GOODS SOLD
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of
the annual accounting period, December 31, 2019, the accounting
records provided the following information for a product:
Units
Unit Cost
Inventory, December 31, 2018
1,940
$
8
For the year of 2019:
Purchase, March 21
6,030
7
Purchase, August 1
4,040
5
Inventory, December 31, 2019
2,920
(1) Compute ending inventory and cost of goods sold for
the year of 2019 under FIFO method.
(2) Compute ending inventory and...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of
the annual accounting period, December 31, 2015, the accounting
records provided the following information for product 1:
Units
Unit Cost
Inventory, December 31, 2014
1,930
$7
For the year 2015:
Purchase, March 21
6,180
6
Purchase, August 1
4,070
4
Inventory, December 31, 2015
2,800
Required:
Compute ending inventory and cost of goods sold under FIFO,
LIFO, and average cost inventory costing...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1: Units Unit Cost Inventory, December 31, prior year 1,890 $ 8 For
the current year: Purchase, March 21 6,030 7 Purchase, August 1
4,110 5 Inventory, December 31, current year 2,810 Required:
Compute ending inventory and cost of goods sold under FIFO, LIFO,
and average cost inventory costing methods....
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1: Units Unit Cost Inventory, December 31, prior year 1,930 $ 6 For
the current year: Purchase, March 21 6,010 5 Purchase, August 1
4,120 3 Inventory, December 31, current year 2,900 Required:
Compute ending inventory and cost of goods sold under FIFO, LIFO,
and average cost inventory costing methods.
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Cost Inventory, December 31, prior year 2,000 Unit $3For the current year: Purchase, March 21 5,190 5Purchase, August 1 ...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
Nittany Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Units
Unit Cost
Inventory, December 31, prior year
1,890
$
5
For the current year:
Purchase, March 21
5,080
7
Purchase, August 1
3,000
8
Inventory, December 31, current year
4,180
Required:
Compute ending inventory and cost of goods sold for the current
year under FIFO, LIFO, and average...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
Nittany Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Inv Dec 31 prior year Units 2000 - $5 (unit cost)
Puchase march 21 : 5000 - $6
Purchase August 1: 3000 - $8
Inventory December 31 current year 4000: (blank)
Ending inventory (FIFO/LIFO/AVG COST)
Cost of goods sold (FIFO/LIFO/Avg Cost)
Emily Company uses a periodic inventory system. At the end of the annual accounting period, December...
Emily Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
2:
Units
Unit Cost
Inventory, December 31, prior year
2,890
$
12
For the current year:
Purchase, April 11
8,860
13
Purchase, June 1
7,930
18
Sales ($55 each)
10,860
Operating expenses (excluding income tax expense)
$
191,500
2. Compute the difference between the pretax
income and the ending inventory...
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